Argentine team starts talks with IMF toward new deal

Argentine team starts talks with IMF toward new deal

Argentina’s Economic Policy Secretary Adolfo Rubinstein; Chief Advisor Leonardo Madcur; and Central Bank (BCRA) Vice-President Lisandro Cleri started Tuesday in Washington DC a new round of negotiations with a technical team of the International Monetary Fund (IMF) to finalize a new agreement ahead of this year’s presidential elections, it was confirmed by an IMF spokesperson.

“The IMF team and an Argentine delegation began face-to-face technical meetings this afternoon in Washington, D.C., to advance the fifth review of the Fund-supported program. These meetings are expected to continue over the next few days,” the IMF spokesperson said in a message to the press. “We will communicate more details in due course.”

If the negotiations are successful, Economy Minister and presidential hopeful Sergio Massa should be traveling to the US by Friday, it was reported in Buenos Aires. Massa held virtual meetings with Jörg Kukies, State Secretary of the German Federal Chancellery, and with Myke Pyle, International Economic Advisor of the US National Security Council.

The negotiation is focused on the advance of funds -reportedly US$ 8,500- by the IMF to strengthen the BCRA reserves affected by the impact of the drought on agricultural exports which entailed losses for the country of approximately US$ 20 billion.

Massa’s office has insisted the political backing of the United States has been key for the final agreement to be reached.